The company has ended its 150-year links with the shipbuilding industry after agreeing to dispose of its 45 per cent stake in BVT Surface Fleet.

However, the deal will have no discernible impact on its Glasgow workforce or the aircraft carriers being built for the Ministry of Defence.

Paul Lester,VT chief executive, said the disposal provided a major boost to the company's balance sheet and allowed it to focus on its services businesses, covering defence, communications and education and skills.

He said: "This completes the final step of our exit from our shipbuilding and related activities." It is understood BVT may rebrand later in the year.